Reply
Established Member
johnnybear
Posts: 25
Registered: ‎06-18-2009

No mortgage no credit card

Nordstrom Transunion no 608 N/A N/A NJ N/A 2006-07-16 One of the reasons for decline was because I didn't have a mortgage - wtf?

 

Nordstrom Experian no N/A 725 N/A VA N/A 2007-07-03 too many new accounts, no mortgage history

Saw these posted on another board. Can you really be denied a cc because you don't have a mortgage? Is that legal? Sounds like discrimination to me.

Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009

Re: No mortgage no credit card

A credit Grantor has the right to set whatever criteria they wish to extend credit. I believe the definitions of "discrimination" falls in the categories of age (as long as you are legally old enough to enter into a contract) , race, national origin and the fact you receive income from public assistance.

 

I also think when you are speaking of "unsecured credit" the rules are a little more flexible, as a "credit card" is not a right, but a privilege.

Established Member
johnnybear
Posts: 25
Registered: ‎06-18-2009

Re: No mortgage no credit card

I understand the "technical" definition of discrimination,but it still seems as they are saying that homeowners are entitled to a cc but an apt dweller with the same credit score or better is not.

 

If my credit score,income,manual review of report,job history can pass a ccc scrutiny then it shouldn't matter if I'm a homeowner or not. IMO

Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009

Re: No mortgage no credit card

I certainly agree with you 100%, that it should not be a factor. Sadly, we are all paying the price of to long a period of lax credit practices, so lenders are tightening up and I only see it getting worse for "unsecured credit".

 

Also, I think we will be seeing far more 'reviews" of credit, as oposed to just looking at a number, because while it may give a snapshot of a profile, it does not give a clear overall look. There are many variables to be considered, but when money is being thrown around, it does not matter, only when things tighten up.

Valued Contributor
Imhotrodcrazy
Posts: 1,383
Registered: ‎03-11-2009

Re: No mortgage no credit card


johnnybear wrote:
Nordstrom Transunion no 608 N/A N/A NJ N/A 2006-07-16 One of the reasons for decline was because I didn't have a mortgage - wtf?

 

Nordstrom Experian no N/A 725 N/A VA N/A 2007-07-03 too many new accounts, no mortgage history

Saw these posted on another board. Can you really be denied a cc because you don't have a mortgage? Is that legal? Sounds like discrimination to me.


 

Don't feel bad, I have had a perfect payment history on my 17 yr old mortgage and I was refused a cc.  IMO, the ccc's make up what ever rules they want if they don't want to extend a person credit.  Go talk to your local credit union, and forget the "banks" and ccc's.  IMO, they are far better, and easier to deal with.  Good luck to  you.
FICOS
TU 802 7/11/14
EX 797 7/6/14
EQ 748 7/10/14

Cash+ 19.5 / Amex 16.5 / US Bank loc 15k / Chase Freedom 10.6k
Established Member
johnnybear
Posts: 25
Registered: ‎06-18-2009

Re: No mortgage no credit card

Thanks for your replies...I'm sorry if I'm giving the impression I was the one applying. I just happened to be over at another forum and this caught my eye.
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: No mortgage no credit card

I'm thinking you would want to be 760+ and applying in store for the Nordstrom cards.
Valued Contributor
tray
Posts: 1,350
Registered: ‎01-29-2008

Re: No mortgage no credit card

Hi, Johnnybear I am very shocked to read this, as I have a nordstrom card and I do not have a mortgage.  I would call nordstrom's credit department just to see what was the major underlying factor of not granting a card, could it just be too many accounts opened recently sometimes the denial letters are generic and multiple things are added on so I think they can send the same letter out to people.  Ask for reconsideration good luck.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007

Re: No mortgage no credit card

[ Edited ]
The funny thing is I read that people that has a mortgage was getting CLD's because of the housing market.
Message Edited by l9ikjam on 07-05-2009 12:37 PM
Advice is what we ask for when we already know the answer but wish we didn't.
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: No mortgage no credit card

Many lenders look upon having a mortgage as one sign of stability. Maybe if someone has (for instance) a long, clean history instead, that would be looked upon as an equivalent sign. It's all up to the lender. The more risk-averse they are, the tougher their requirements are likely to be.

It's all about risk analysis, and any time that large groups of people are being lumped into different categories to figure how to deal with them, some folks are going to get misclassified. Ask anyone who has had a kid with special learning needs in the school systems. :smileytongue:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+